Let's Talk Family Enterprise

Introduction Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors in supporting their clients.   Description At a time where uncertainty reigns for most of our clients, and ourselves, some things are certain. It is certainly true that we are all spending more times in our homes; it is certainly true that relationships are adapting to new realities and it is certainly true that we are experiencing far more anxiety than normal. Discussing how COVID-19 difficulties provide a significant opportunity for personal and professional development, Steve Legler, FEA, (shiftyourfamilybusiness.com) sits down with family therapist, Peter Vaughan, FEA, for some guidance with our own family circumstance, for our work as advisors and for the family enterprise clients we seek to help.   Guest bio Peter Vaughan is a designated Family Enterprise Advisor, Registered Clinical Counsellor in the province of British Columbia, Canada and a Certified Gottman Method Therapist. He is also a Principal and Co-founder of Your Family Enterprise Advisors, Inc. (familyenterprisetherapy.com). His role on YFEA’s multi-disciplinary team focuses on facilitation and analysis of interpersonal dynamics as applied to family enterprise governance, generational transitions of ownership, and management and interpersonal skills capacity building. Peter’s style is direct, reality-focused, and comprehensive in addressing the personal and interpersonal facets of your life which help or hinder your success in relationships and living. The therapy that he practices is grounded in sound theory and research about individuals, couples and families.   Key Takeaways [0:16] Steve introduces Peter Vaughan and launches the conversation with the interesting aspects of work and family balance especially as it pertains to FEAs during the COVID-19 pandemic. [5:10] Some of your clients may be more used to this jumbling of family and work together and this may be a great opportunity to learn. [8:41] Communication erodes when primary needs are triggered, Peter explains what this means in terms of security and significance and how these two primary needs are currently being triggered in different ways. [12:15] Peter and Steve talk about the differences between being overworked, or alternatively, having nothing significant to do — which is worse? [15:10] Peter discusses his thoughts about how some incompatibilities in this closed interaction with family members can be magnified. [19:21] If you sense defensiveness, you can be sure you’ve been perceived as criticizing. Peter touches on the skills required to defuse defensiveness and how this may be the best time to practice them. [21:20] What is positive affect? The first three minutes of an interaction can determine the emotional outcome of a conversation. [24:54] Peter offers some tips on how to start a difficult conversation and it can be as simple as an upfront declaration of goodwill and a show of honesty and love. [27:24] This crisis may just be the great equalizer in relationships and conversations; Peter explains how. [28:45] Peter raises a flag when it comes to the potential to over-engage in worry when control escapes us, especially when it comes to business leaders. [32:10] Learning is the key to coming out of this better and stronger than we came in as people and as advisors. Steve and Peter discuss the interesting aspects that can be discussed with families once the crisis has abated. [34:08] Peter shares his book recommendations and one piece of advice from an advisor to other advisors. [37:44] Steve thanks Peter for his time and experience and invites listeners to subscribe and tune in for the next episode.   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange   Books: The Relationship Cure: A 5 Step Guide to Strengthening Your Marriage, Family, and Friendships, by Joan DeClaire and John M. Gottman   More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn   More about our guest Peter Vaughan on Your Family Enterprise Peter Vaughan on West Vancouver Therapy Peter Vaughan on Counselling BC

Introduction Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors (FEAs) in supporting their clients.   Description Family enterprise clients rarely want to fail at wealth transition, yet the research finds that most do. Host Ruth Steverlynck sits down with Courtney Pullen, author of Intentional Wealth: How Families Build Legacies of Stewardship and Financial Health to take a deep dive on those families—the ten percent—that manage to build lasting patterns of emotional and financial health to see the common attributes that we as advisors can learn from to help our family enterprise clients with similar aspirations for a successful transition of their wealth.   Guest bio Courtney Pullen, M.A., is the President of The Pullen Consulting Group. He has more than 25 years of experience in individual and family coaching, business and management consulting, leadership development, communication and team building. Pullen has lectured frequently, conducted numerous workshops and been published in the areas of individual and organizational change, behavioural finance, communication and family wealth dynamics. He is a former contributing editor to the Journal of Financial Planning and the Journal of Practical Estate Planning and is a faculty member of the Sudden Money Institute. He is also a graduate of the Newfield coaching program. His primary focus is as a consultant to financial services firms and affluent families. He recently published the best-selling book, Intentional Wealth: How Families Build Legacies of Stewardship and Financial Health.   Key Takeaways [0:16] Ruth introduces Courtney Pullen and this episode’s theme, the 10 percent, before a brief discussion about affluent families that fail. [3:16] Courtney touches on the difference that wealth actually makes in a family, as well as the importance of keeping in mind that all families have “stuff.” [5:50] Ruth and Courtney discuss challenges that wealthy families face, such as material limits and boundaries, and societal treatment. Courtney also shares examples of value-based boundaries as well as some issues arising from being born into affluent families. [9:54] Courtney talks about some common themes that the interviews from his book highlighted regarding the creation of wealth versus receiving wealth. [11:09] Courtney shares a story of hope as well as some practical advice for advisors about “optimal frustration.” [17:19] Courtney discusses how intentionality is the common denominator in G3+ families. [18:14] Courtney shares other common attributes that have a big impact on the successful transition of wealth, such as investing in the next generation, focusing on healthy communications and investing in the family as much as you do in the business. [22:54] How do you prepare people for receiving wealth they haven’t earned? Courtney explains the delicate balance between denial vs. entitlement. [25:32] Courtney explains how everything he has mentioned is not yet common practice and wonders if this could be the cause of the dire 10 percent success statistics. [26:52] Individual pursuits and family businesses often do not align; Ruth and Courtney speak to the importance of building empowered family relationships. [28:40] There is no recipe, but change occurs in the direction of our attention and intention. [31:13] Ruth takes a moment to recap the important points that Courtney has brought to the podcast and asks him for a last piece of advice. [35:37] Courtney shares his reading suggestions. [37:14] Ruth thanks Courtney for his time and experience and invites listeners to subscribe and tune in for the next episode.   Mentioned in this episode The Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange   Pullen Consulting Intentional Wealth: How Families Build Legacies of Stewardship and Financial Health, by Courtney Pullen Mindset: The New Psychology of Success, by Carol Dwek   More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn   More about our guest Courtney Pullen’s website

Introduction Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors in supporting their clients.   Description Steve Legler is our guest host today and he welcomes Mary Duke, Independent Family Advisor based in New York City to talk about human capital and the emergence of the Chief Learning Officer role for families.   Guest bio Mary Duke is an internationally recognized advisor to families navigating the complexities of substantial wealth. Her work is anchored in the facilitation of family meetings, strategic planning for owned businesses, private trust companies and family offices and the education and mentoring of family members around the world. She is known for her deep expertise on the impact of trusts on families and her work in generational transition in family enterprises, and she is a licensed attorney and accountant. She has served in private client law and business consulting.   Key Takeaways [0:16] Steve introduces Mary Duke and invites her to share a little background on the work she does as an advisor to families. [3:20] Mary touches on the predictable, but more importantly the less easy to anticipate events that may arise — especially in light of the fundamental change some economists are calling the intangible/4th/experience economy. [5:33] Mary talks about the underlying qualities one has to hone for long term success and helps family members practice them through experiential learning. [8:55] It’s easy for families to grow apart, so Mary works at creating patterns of behaviour and helps families work better and make better decisions together. [10:20] On the challenges of getting the quiet voices in a family to be heard, as well as how to evolve in your role when advising a family. [12:45] Steve and Mary discuss when it may be time to bring in an outside person. [13:33] Mary explains what she means by human capital — but first, she talks about what a Chief Learning Officer (CLO) is and why it’s a growing position, as well as some of the lessons we can apply to our families. [19:20] You have to invest both time and money in your human capital. [20:18] Mary’s tips on how to grow and measure the individual human capital. [22:53] Mary’s tips on how to effectively and soundly grow collectively. [25:36] Mary shares her thoughts on governance, what it is and how it can be used. [26:50] Steve asks what the Chief Learning Officer’s job is. [29:08] Mary’s parting thoughts. [30:06] Steve thanks Mary for her time and experience, then invites listeners to subscribe and tune in for the next episode.   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange   “Growing your Family’s Human Capital: Ten Lessons from the Emergence of the CLO”   More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn   More about our guest Mary Duke on LinkedIn

Introduction Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors (FEAs) in supporting their clients.   Description Steve Legler is our guest host today and he welcomes Dr. Dawn Gross and Nancy Belza in order to learn how to better talk about death with clients.   Guest bios Dr. Dawn Gross and Nancy Belza co-founded Dyalogues, along with their partner, Paul Puccinelli.   Dawn Gross, MD. PhD. is a palliative medicine physician dedicated to transforming end-of-life conversations. Considered a national thought leader on end-of-life care, her work has been featured in Science, JAMA and The New York Times.   Nancy Belza is a Relationship Manager, Business Development Consultant, Training Specialist and planning activist. She combines natural compassion and innate storytelling abilities with over 25 years of financial services industry experience and 15 years of mental health advocacy to help people face end-of-life planning prepared and empowered.   Key Takeaways [0:16] Steve introduces Dr. Dawn Gross and Nancy Belza, and asks them why Family Enterprise Advisors should have an interest in learning how to talk about death, as well as some of the cultural barriers to those conversations. [5:35] Dawn and Nancy’s work has a lot to do with the normalization of the discussions around death; they explain what that actually entails, from the knowledge vacuum to the semantic field. [9:45] Dyalogues was born out of personal experiences with death that Nancy wished to avoid for as many others as possible; she touches on how this personal story affected her view and how it shaped Dyalogues’ mission. [12:40] Nancy highlights the privileged position Family Enterprise Advisors find themselves in and the crucial role they can play in helping the flow of communication in a family. She shares some advice on how to word your support and guidance. [15:30] Steve recaps the opportunities Nancy underlined, as well as the steps that were laid out for an advisor to follow. [16:30] Dawn invites people who are less comfortable, or do not wish to develop fluency in this field, to identify and reach out to experts in this area. [18:40] Steve shares how this resonates with him on a professional level and some surprising statistics he has heard before asking if the Dyalogues co-founders have some insight to share about them. [20:42] Nancy shares her thoughts on the recent conference she participated in with Millennials and how it should help shape discussions we begin about death or dying. [22:00] Steve asks if Nancy can share some background on “The Elephant in the Room” talk she gave at the Purposeful Planning Institute Conference in Denver. [23:59] Creating permission to start a conversation is the key to breaking down the taboos and building meaningful plans around death that grow and change with the individuals. [27:00] Nancy and Dawn share what services are offered by Dyalogues, including the ones specifically tailored to advisors. [29:40] While macroscopic cultural differences exist when it comes to engaging or avoiding death and the conversations around it, the necessity for preparation remains the same since each relationship is its own cultural ecosystem. [31:40] Nancy and Dawn share their parting tips. [33:18] Steve thanks Dawn and Nancy for their time and experience and invites listeners to subscribe and tune in for the next episode.   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange   Dyalogues Purposeful Planning Institute   More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn   More about our guest Dr. Dawn M. Gross, M.D. at Dyalogues Nancy Belza at Dyalogues

Introduction Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors in supporting their clients.   Description Today we are very lucky to hear from Thayer Willis, author, speaker and practicing psychotherapist, who gives her unique understanding of the pressures of joining the family business.   Thayer was born into the Georgia-Pacific Corporation founding family and brings an insider perspective to helping family members grappling with the decision: do I join the family business or not?   Guest bio Thayer Willis is an internationally-recognized author and expert in the area of wealth counseling. Since 1990, she has specialized in helping people of all ages handle the psychological challenges of wealth. A member of the founding family of the multibillion-dollar Georgia-Pacific Corporation, Thayer offers an insider's perspective on the challenges that wealthy families face on a regular basis.   Thayer has been interviewed on ABC's Good Morning America and 20/20. Her programs are tailored to individuals and families of affluence, financial professionals, family office advisors and estate planning attorneys.   Key Takeaways [0:16] Ruth introduces Thayer Willis, her background and publications, and invites her to speak about her own story growing up in a wealthy family. [7:00] Thayer speaks to the advantages of family businesses, but she also speaks to the pressures of joining them and some of the disadvantages younger generations face. [12:52] In order to help families grapple with whether or not to join the family business, Thayer lays out a few important steps that advisors can follow. [16:06] Thayer shares five to six pertinent questions to ask young family members — starting at about 12 years old. [17:46] Assessments can also be of great use; Thayer lists a few of the ones she has in her tool bag — links below. [19:28] Going into a family business should never be a default position, everyone has the right to consider what it is they want to do for themselves. [20:55] Thayer agrees that going to work outside the family business is a very useful step towards deciding if and when they do come into the family business. [22:23] Ruth takes a moment to summarize Thayer’s recommendations, and Thayer shares a personal story. [26:29] Thayer shares some books that have made an impact on her. [28:30] Thayer offers up tips on how to have a stress free holiday. [32:10] Ruth thanks Thayer for her time and experience and invites listeners to subscribe and tune in for the next episode.   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange   Book: Navigating the Dark Side of Wealth: A Life Guide for Inheritors, by Thayer Cheatham Willis Book: Beyond Gold: True Wealth for Inheritors, by Thayer Cheatham Willis   Assessments: DISC Enneagram StrengthsFinder Johnson O’Connor   Thayer’s book suggestions: Grit: The Power of Passion and Perseverance, by Angela Duckworth Make It Stick: The Science of Successful Learning, by Peter C. Brown, Henry L. Roediger III, and Mark A. McDaniel   More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn   More about our guest Thayer Willis’ website

Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors in supporting their clients. What do Family Enterprise Advisors need to know about trusts? Hartley Goldstone shares the most important aspects of a trust, which he has learned over 30 years of experience. He also shares some valuable, actionable tips for advisors who will undoubtedly come across trust situations in their practice.   Guest Bio Hartley is a seasoned expert in the arena of trusts and has 30 years experience as a trust attorney and senior trust officer until 2009, when he set up his company, The Trustscape LLC, which focuses on helping clients create supportive trust cultures. In 2010, Hartley launched the Beneficiary and Trustee positive story project which culminated in his book Trustworthy, a collection of 25 stories capturing what has gone well in the trustscape. He is the lead author on the seminal work Family Trust, a practical guide on how to use trusts to pass on wealth. Key Takeaways [0:16] Ruth introduces Hartley Goldstone, his background and publications, and invites him to define the term Trustscape — a fluid system of relationships — that he himself coined. [7:22] From being an attorney to understanding that it all boils down to relationships: Hartley shares a fable that illustrates how he came to understand what hopes and dreams have to be addressed in a trust. [11:25] Hartley speaks to the long history of trusts, all the way back to the middle ages and how they relate to relationships. [15:20] Ruth talks about James E. Hughes Jr.’s comments on the staggeringly high number of trustees reporting that they are unhappy with their trust. Hartley touches on some beneficiary and trustee realities that could explain those numbers. [19:46] Hartley shares his vast experience in the form of six actionable ideas that advisors can use with their clients: Choose a meaningful title Create a preamble Include letters of wishes to beneficiaries and trustees Distribution committees Education Read Trustworthy [37:09] Ruth summarises the key elements Hartley shares during this interview and asks Hartley to share some reading suggestions. [42:33] Ruth thanks Hartley for his time and experience and invites listeners to subscribe and tune in for the next episode.   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange Book: Family Trusts: A Guide for Beneficiaries, Trustees, Trust Protectors, and Trust Creators, by Hartley Goldstone, James E. Hughes Jr., and Keith Whitaker Book: TrustWorthy: New Angles on Trusts From Beneficiaries and Trustees, by Hartley Goldstone and Kathy Wiseman   Hartley’s author suggestions: James E. Hughes Jr. Dr. Robert A. Emmons Heidi Grant Halvorson Dr. Dan J. Siegel   More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn FEX on YouTube   More about our guest hartley@navigatinvthestrustscape.com Hartley Goldstone’s website   Tweetables (edited) “The trustscape consists of everybody touched by a given trust from the creators, trustee beneficiaries to the advisors.” — Hartley Goldstone “Trusts have focused on relationships from the very outset, from the time they originated in England in the middle ages.” — Hartley Goldstone “Trusts solve problems and create relationships.” — Ruth Steverlynck “People think that trusts are legal structures that happen to involve human beings, but actually trusts are human relationships that happen to sit within a legal structure.” — Hartley Goldstone quoted by Ruth Steverlynck

Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors (FEAs) in supporting their clients.     Myra Salzer is the Founder of The Wealth Conservancy and has been repeatedly listed among top financial advisors in the U.S. by Worth Magazine.   Myra joins host Ruth Steverlynck to share her insight and knowledge on working as an advisor for inheritors. She shares tips, best practices and what to consider when building relationships with this often underserved and misunderstood clientele.   Key Takeaways [0:16] Ruth introduces Myra Salzer — known as the inheritors’ advocate — and asks her to explain what an inheritors' advocate is. [3:12] There has been a rise in resentment against the wealthy and Myra touches on how this has affected inheritors and what emotions she usually sees in new beneficiaries. She also shares tips on what advisors should check, in themselves, in order to do their jobs well. [5:34] Hostile envy is a phenomenon that can manifest itself in some individuals in direct relation to their own relationship to money and can be very destructive to inheritors. Myra also gives her definition of minorities, how inheritors do fall within those parameters and why they require an advocate. [8:26] Myra shares her experience on how to best work with inheritors from an advisory perspective, as well as the biggest pitfalls to avoid, the first of which is to work on being aware of your own prejudices and find ways to circumvent them in order to prevent dehumanizing your clients. [14:09] So you’ve found that you do have some biases and latent prejudices? Myra explains how relying on other people or teams to better serve your client may be the best way to move forward in that relationship. [15:36] Myra offers a workshop for inheritors as many tend to hide their wealth and try to fit in. She shares the story of when she realized how alone this minority group was and how helpful this workshop can be. [23:03] Advisors should also have a place to safely talk about their experiences and bounce ideas off of other experts and meet new resources. [24:00] For listeners who are interested in this topic, Myra recommends a book, her TEDx talk and her workshop, all of which are linked below. [25:45] Ruth thanks Myra for her time and experience, then invites listeners to subscribe and tune in for the next episodes.   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange   Myra’s resources Workshop: Inheritors of Wealth Workshop Myra’s Books Myra’s TEDx Talk Book: The Cycle of the Gift: Family Wealth and Wisdom, by James E. Hughes Jr., Susan E. Massenzio, and Keith Whitaker More about the Family Enterprise Xchange Family Enterprise Xchange (FEX) FEX on LinkedIn FEX on Facebook FEX on Twitter   More about our guest Myra Salzer at The Wealth Conservancy Myra Salzer on LinkedIn

Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family enterprise Advisors in strengthening their clients.   This episode explores the idea of character. Your host Ruth Steverlynck is joined by Greg McCann, family business owner, Founder, Principal, and executive coach of McCann & Associates, a consulting firm for family enterprises.   Key Takeaways [:16] Ruth introduces Greg and invites him to talk a little bit about his background. [3:00] Ruth and Greg define character for the purposes of this podcast and its double importance for family enterprise advisors. [5:58] Is there any research to substantiate this idea that families are looking for more than just expertise? [11:07] Because this is a very introspective process, Greg suggests four gears to modulate in order to better your practice as an advisor. [16:07] The 30-second rule. [18:13] Ruth summarizes the four gears: problem-solving, feedback, coaching, and validation. [20:27] Greg shares some tangible practices for working on your character: create some white space for yourself, find someone neutral who can give you feedback, find someone to listen to you. [25:25] Greg shares additional resources for listeners. [26:46] Ruth thanks Greg for his time and experience and invites listeners to subscribe and tune in for the next episodes.   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange Greg McCann & Associates Book: When Your Parents Sign the Paychecks: Finding Success Inside or Outside the Family Enterprise, by Greg McCann Book: Who Do You Think You Are?: Aligning Your Character And Reputation, by Greg McCann Family Office Exchange Center for Creative Leadership resources on feedback Myers & Briggs Book: The Road to Character, by David Brooks Book: Wherever You Go, There You Are: Mindfulness Meditation In Everyday Life, by Jon Kabat-Zinn   More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn FEX on YouTube   More about our guest Greg McCann’s bio on Greg McCann & Associates Greg McCann at Cornell’s SC Johnson College of Business Greg McCann on LinkedIn

Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family enterprise Advisors in strengthening their clients.   This episode explores the book Wealth of Wisdom: The TOP 50 Questions That Wealthy Families Ask. Your host Ruth Steverlynck is joined by Tom McCullough, Principal and co-Founder of Northwood Family Office as well as co-author of Wealth of Wisdom.   Key Takeaways [:16] Ruth introduces Tom McCullough and asks him to share a bit about himself. [1:58] Tom talks about where the idea for the book come from. [3:42] Of all the questions that could be asked, how did Tom whittle it down to 50? [5:15] Tom shares the questions he found most interesting through this process. [6:20] wealthofwisdombook.com [6:52] What are the best practices that came from the experts Tom consulted for the book? Two things stood out for him: on values and parenting. [11:54] This book can be used by advisors as a resource to get more knowledgeable on technical aspects they may not already have in their background, legal, practical or otherwise, as well as a starting point to dig deeper into some aspects. [13:57] On the Prince Charles syndrome, the fact that you can contact the book’s experts, and Tom’s favorite part: the end-of-chapter questions. [16:58] Even after 35 years of work, Tom was surprised at the amount of cooperation he got from the world experts he reached out to. [18:58] Tom on the many communication styles he got to see while preparing the book from very discreet to very blunt and the way it complements the many learning styles. [20:51] The surprising way the first and last chapter bookended. [23:07] Tom’s advice for advisors: ask questions, what are the five whys. [27:02] Ruth asks if there are any ideas for another book by Tom as well as any reading suggestion he may have for our listeners. [30:22] Ruth thanks Tom for his time and experience and invites listeners to subscribe and tune in for the next episodes.   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange Book: Wealth of Wisdom: The TOP 50 Questions Wealthy Families Ask co-authored by Tom McCullough Northwood Family Office Book: The Investment Think Tank: Theory, Strategy, and Practice for Advisors by Harold Evensky Keith Whitaker Wigmore Association Charles Collier Christine Lagarde Book: Complete Family Wealth, by James E. Hughes, Susan E. Massenzio, and Keith Whitaker Book: Made to Stick: Why Some Ideas Survive and Others Die, by Chip Heath and Dan Heath   More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn FEX on YouTube FEX on Instagram   More about our guest Tom McCullough’s bio on Northwood Family Office tm@northwoodfamilyoffice.com Tom McCullough at the Rotman School of Management, University of Toronto

Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family enterprise Advisors in strengthening their clients.   Description This episode explores the often difficult question of mental health issues in family enterprises.   Your host Ruth Steverlynck is joined by Arden O’Connor, principal and founder of O’Connor Professional Group, a concierge behavioral health firm based in Boston Mass.   Key Takeaways [:16] Ruth introduces Arden and invites her to talk a little bit about her background. [3:40] During any given year one in five adults will experience some form of mental illness, Ruth asks Arden her perspective on this sobering statistic. [5:18] Ruth and Arden discuss why it could be that, given these very high statistics, very few people actually talk about these issues, and how this dialogue has been evolving. [8:16] At what point does “feeling a little down” turn into mental illness, and when should it be categorized as such? Arden talks about some definitions. [10:26] Are there any red flag behaviors to watch for in terms of mental health? Arden dives into some things to watch for, as well as how to best offer support in these situations. [15:20] Arden offers a wide variety of practical tips for advisors who might need to approach the subject of mental illness with a family. [23:31] Are there different approaches to take when the issues are coming from the wealth creator? How can an advisor help when there is a power discrepancy in the relationships? [28:30] Are all mental illnesses treatable? [30:38] In the situations where you do have a person who is unwilling to get treatment, does your focus need to revert to supporting the other members of the family? [33:07] Arden shares the impact she has seen for a family system where there is a mental health issue and nothing is successfully done. [35:40] Are there any resources for advisors to learn more on how to best support families who are struggling with these issues? [38:37] Arden recommends a few books, articles, and ways to contact her personally for specific questions. [39:49] Ruth thanks Arden for her time and experience and invites listeners to subscribe and tune in for the next episodes.   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange O’Connor Professional Group ADLs (Activities of daily living) Family systems therapy DBT (Dialectical behavior therapy) Book: Addiction Recovery: A Family’s Journey, by Diana Clark Contact Arden with specific questions: 617-290-9818 aoconnor@oconnorpg.com   More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn FEX on YouTube FEX on Instagram   More about our guest Arden O’Connor at O’Connor Professional Group Arden O’Connor on LinkedIn